if you are using prophoto you need to convert the color mode to adobe98 first then convert to 8 bit.
Only if you want just slightly less banding than you would if you just had left it. AdobeRGB's gamut has more possible colour combinations than can be expressed in 8bit. The only time you should convert to 8bit is if your image is sRGB.
Mind you for 99% of the people out there this doesn't matter. You only get advantages of wider gamuts if you use a medium which can display the wider gamuts. The internet is not one of those mediums. For expensive prints yes, use wide gamuts, also use high bitdepths, and if you intend to do exactly as you did then I would go over my final image with a fine tooth comb before hitting the save button. Depending on your image it may or may not matter.